Location Intelligence analytics software has made it possible for businesses to manage, understand, and analyze complex geographic data. With Location Analytics (LI), you can acquire the business and geographic data that helps you discover the existing relationship between occurrence, location, facility, transaction, and assets.
In this new era of location intelligence, companies make data-driven decisions and generate insights using geospatial analysis and business intelligence. LI is the latest technology that can help businesses increase revenue and save costs through improved prediction and analysis.
Businesses can implement location intelligence and discover untapped business potential and opportunities. Most companies don’t realize the importance of location and geography for any aspect of their business.
However, by implementing certain advanced technologies like location intelligence, multiple industries and businesses can benefit from it when making decisions. Location-specific data can be used for analysis related to marketing, risk management, operational efficiency, or supply chain.
Each business transaction takes place at a specific location and at a specific time. When you pay attention to these details, you can make crucial decisions. You can harness this location-specific data for analysis.
If companies can determine the exact time and location their products are selling, they can use the nearest resources and send them through the shortest or fastest route and increase their operational efficiency.
Spatial analysis helps companies understand risks associated with a certain location. When they start analyzing, they can account for that area’s natural conditions and any disaster data.
With the right location intelligence analytics software, businesses can improve their performance. There is a lot of big data market potential associated with location intelligence, as the big data global market is predicted to reach $103 billion by 2027.
Geographical information is used in various industries for many reasons, including water sources, disease spreads, people movement, etc.; now, when this technology is combined with location intelligence, it can help optimize business performance and operations.
The retail sector can use location intelligence analytics software for marketing purposes. Marketing and business managers can use location intelligence data for planning, implementing, and evaluating local marketing strategies and their effectiveness.
By comparing different data, they can understand each store’s performance specific to the location. Then, the results can help determine which area has the most sales, and their next strategies will be created using this data.
This is another business sector that can integrate location intelligence and spatial analytics into its operations. They can prepare marketing plans according to the region, user profile, and environment and understand the geographical accessibility issues faced by customers.
Banking & Finance
The financial and banking sector can use location intelligence to monitor the products in each location. They can also prevent and detect fraud at certain locations and use the data for deeper analysis.
They can decide on their expenses, environmental risks, marketing strategies, and insurance through the analysis. They can also map out their customers’ profiles and addresses.
Oil & Gas
The oil and gas industry heavily relies on location because they find resources at specific locations. Geospatial factors control most important decisions, including the delivery system, drilling rigs, and refinery.
Companies can also use location intelligence analytics software to find readable charts and comprehensive reports about royalty fees, rent, operational costs, and other details that affect the business.
Supply chain reports often overlook transportation and geography. When using location intelligence analytics software, companies can display and monitor data related to their supply chains. They can improve efficiency by managing any crises or cancellations.
Location intelligence offers many benefits for different business sectors. However, there are certain challenges they can face, like permission and privacy issues. Customers are often not okay with businesses asking for their location details.
Sharing location often makes customers uncomfortable, especially when they know they are being tracked. Companies also need permission before using their customers’ locations. Additionally, there are also challenges related to standardization and data quality.
While location data can solve many business problems, businesses need accurate data collection methods. For many companies, location intelligence can solve their complex business problems and help them achieve their big data market potential.
If you’re looking for location intelligence analytics software that can help you resolve challenges, reach out to PREDIK Data-Driven today. They are location intelligence providers, and you won’t have to worry about the accuracy and safety of the data.
PREDIK Data-Driven is a research firm based in the US. They offer a variety of data science solutions to companies in different sectors, including retail, banking & finance. Request a demo today with PREDIK Data-Driven.
The author of this blog is a data science analyst working for PREDIK Data-Driven. He has been working with the company for half a decade now. In his free time, he writes blogs on the internet and also offers advisory services for entrepreneurs.